Are Mobile Home Parks the most Over Valued Asset Class?

[Kai Van Leuven]

I have been looking to buy a Home Park for probably the last 10 years. I have seen over that time a huge increase in values and shrinking cap rates. It has lead me to think it could be the most oversaturated and overvalued asset class out there. What value exists in a MHP? What improvements lead you to think that a MHP's value is anywhere near a 5% cap rate? What I see, a Meter Base, sewer pipe, and water supply line. 

For all the owners of parks out there, don't you just own some exclusive zoning and a bunch of completely depreciated out mobile homes? 

Someone elighten me... I ain't seeing it... the value in owning them seems to be that there is value in owning them and no one can see that you don't really own much for a couple million bucks.